Charlie Airlines (Cyprus Airways)

History

2021: Vladislav Filev sold 63.13% stake in Charlie Airlines for 700 thousand euros

S7 co-owner Vladislav Filev sold a 63.13% stake in the Cypriot airline Charlie Airlines for 696.9 thousand euros. The buyer of the asset was the holding of Maltese businessman Simon Camilleri Simon J. Camilleri Holdings Ltd. (SJC).

This was reported by Vedomosti with reference to the Cyprus register. The newspaper notes that Filev owned a stake through Charlie Holdings. The stake in 35.4% of the shares of the carrier was owned by the S7 Group itself. The group also sold its share in the summer of 2021, without disclosing the cost of the transaction.

The S7 group reported on plans to sell a stake in Charlie in 2020. The group estimated the volume of investments in this company at 427 million rubles.

Vladislav Filev sold 63.13% stake in Charlie Airlines for 700 thousand euros

According to the publication, since June 2021, Charlie Airlines is 96.2% owned by SJC, and by October 2.83% remain with Cyprus's Diverse New Investments Cyprus Ltd and 0.9% with Vladislav Filev.

Earlier, S7 reported that through the acquisition of a stake in a Cypriot airline, it planned to work with an operator's certificate in the zone of the European Aviation Safety Agency. However, in a crisis, this goal has lost priority.

VTB Capital Analyst "" Elena Sakhnova noted that the cost of the entire company Cyprus Airways when selling could be about €1.1 million (almost 91 million rubles). The expert called the airline an illiquid asset, since on its balance sheet there are only two Airbus A319 aircraft 22 years old each. In addition, the cost was supposed to fall greatly due to the coronavirus pandemic, COVID-19 but the company was unprofitable even before this crisis.

At the height of the coronavirus pandemic, Charlie Airlines significantly reduced the route network and schedule. The airline completed only 18% of scheduled flights.

By October 2021, Cyprus Airways is based at Larnaca Airport and operates flights to Prague, Crete (Heraklion), Beirut, Moscow, St. Petersburg. In November, Larnaca - London flights will be launched.^[1]

Notes